GRAND RAPIDS - With tax credits awarded, the development of three new affordable housing projects in the area should move forward.
The Michigan State Housing Development Authority (MSHDA) yesterday announced more than $11.6 million dollars in Low Income Housing Tax Credits (LIHTC) for affording housing development around the state, including three proposed projects in the Grand Rapids area.
Grand Rapids-based nonprofit housing developers Inner City Christian Federation and Genesis Nonprofit Housing Corp. were awarded a total of $4.25 million in funds to move forward with the development of 168 new affordable housing units.
ICCF said in a statement it will now move ahead with two developments, including one at 501 Eastern Ave. SE between Wealthy and Franklin Streets that will include 17 units reserved for Permanent Supportive Housing (PSH) for people with needs for health care and supportive services.
The nonprofit housing developer was also awarded funds for its proposed Stockbridge Apartments, a component of Rockford Construction Co. Inc.’s so-called “Superblock” project, near the intersection of Bridge Street and Seward Avenue on the city’s northwest side.
As MiBiz has previously reported, the development is slated to include mixed-income housing, a smaller format Meijer Inc. grocery store and office space, including the new headquarters for West Michigan Center for Arts & Technology (WMCAT).
The developers will be seeking incentives from the Michigan Economic Development Corp. in the coming months, according to a statement from Mike Mraz, managing partner of real estate development for Rockford Construction.
Also on the city’s northwest side, Genesis Housing will convert the former St. James Catholic School near the corner of Bridge Street and Stocking Avenue into 52 affordable housing units, including 13 PSH units, according to a statement.
Additionally, a variety of developments in Cadillac and Lansing and around southwest Michigan received LIHTC allocations from MSHDA.